National News

Apr 24, 2019

8:48PM

CBI has issued Look Out Circulars, LOCs against the Chairman and the Vice Chairman of Bhushan Power and Steel Limited in a bank fraud case.

Sanjay Singhal is the Chairman of the company while his wife Aarti Singhal holds the post of Vice Chairman. Sources said, the LOCs have been issued recently to prevent any attempt by the accused to leave the country without permission from the authorities.

Earlier, the agency had filed an FIR against the company for allegedly cheating the banks of 2,348 crore rupees.

The company had availed loans worth 47,204 rupees crore rupees from 33 banks and financial institutions from 2007 to 2014 and the company defaulted on their repayments.

It is alleged that the company deliberately defaulted on repayment and also claimed inadmissible credit causing a loss of 2,348 crore rupees to the banks.